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UPDATE 1-Man Group profit beats forecast, assets rise

Thu Nov 5, 2009 2:16am EST

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* Funds under management $44 bln at end-Sept

* Net outflows $1.9 bln

* Pretax profit for 6 months to Sept $302 mln

* Interim dividend maintained at 19.2 cents a share

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LONDON, Nov 5 (Reuters) - Hedge fund firm Man Group (EMG.L) reported higher than expected profits and a rebound in assets, helped by a slowdown in withdrawals by clients, confirming it is recovering from the industry's toughest period on record.

Pretax profit fell to $302 million from $622 million a year before, 8 percent above the group's estimate in September, helped by strong performance from its funds at the end of the six-month period. Assets under management, on which fund firms earn fees, rose to $44 billion at end-September, up from a trough of $43.3 billion reached at the end of June. (To read the Reuters Hedge Fund Blog click on blogs.reuters.com/hedgehub; for the Global Investing Blog click here) (Reporting by Laurence Fletcher, edited by Cecilia Valente)



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